Abstract
Slovakia's accession to the EU provided a positive impulse for further economic development, describing the main indicators of the business environment, including the analysis of the general macroeconomic environment, GDP and the labor market. The Slovak Republic focuses on current trends regarding the issue of shortages of skilled labor and employment of foreigners. The most important tasks that the Slovak Government must provide in Slovakia are sustainable economic growth combined with job creation and improving business conditions. Foreign direct investment and corporate sector are major factors that will initiate growth of the economy and employment in Slovakia. New investments also mean modernization of production, new technologies, creating new jobs and progress of the economy. This paper puts a special emphasis on the benefits of the fourth industrial revolution, impersonated in the automation and digitalization of processes and continuous innovations, which resulted in the economic growth and development in Slovak Republic.
Highlights
In 2019 Slovak Republic has experienced record economic growth, which is the result of reform measures from previous years, as well as a favorable development of the global economy, thanks to which investors are looking for other opportunities to invest in Slovakia
The functions of the Slovak economic growth confirm that the acceleration of Gross domestic product (GDP) creation was mainly due to an increase in the production capacity of the economy, especially in sectors with inflows of foreign direct investment
Economic growth at constant prices slowed to 3.6% in the fourth quarter of 2018, which affected employment development; adjusted for seasonal effects, GDP increased by 0.8% in the fourth quarter of 2018 compared to the previous quarter, which is slightly weaker than forecasted
Summary
In 2019 Slovak Republic has experienced record economic growth, which is the result of reform measures from previous years, as well as a favorable development of the global economy, thanks to which investors are looking for other opportunities to invest in Slovakia. The functions of the Slovak economic growth confirm that the acceleration of GDP creation was mainly due to an increase in the production capacity of the economy, especially in sectors with inflows of foreign direct investment. Analysis of macroeconomic indicators of Slovak Republic can be divided into the analyses of: GDP includes all final goods and services produced by the economy and legally sold on the market
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